Egypt's inflation quickens to record 38.0% in September
© Reuters. FILE PHOTO: A vendor sits next to an image of Egyptian Ptsident Abdel Fattah el-Sisi, at a vegetable market in Cairo, Egypt October 9, 2023. REUTERS/Mohamed Abd El Ghany/File photoCAIRO - Egypt's annual urban consumer price inflation rose to a historic high of 38.0% in September, climbing from 37.4% in August and topping analyst expectations, data from statistics agency CAPMAS showed on Tuesday.
Rapid money supply growth over the last two years has helped prices to climb rapidly and the currency to lose almost half its value against the U.S. dollar since March 2022. Many Egyptians have seen their living standards slide. Seeking to fight inflation, the government said on Monday it had agreed with private producers and retailers to cut prices on staple foods by 15-25% and exempt them from customs duties for six months.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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